State of Illinois
92nd General Assembly

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SB2068 Enrolled                                LRB9215893ACsb

 1        AN ACT concerning toll highways.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Toll  Highway  Act is amended by adding
 5    Section 9.12 as follows:

 6        (605 ILCS 10/9.12 new)
 7        Sec. 9.12.  Land disclosure requirements.
 8        (a)  Disclosure required. The  Authority  may  not  enter
 9    into   any   agreement   or  understanding  for  the  use  or
10    acquisition of land that is intended to be used  or  acquired
11    for  toll  highway  purposes  unless  full  disclosure of all
12    beneficial interests in the land is made under this Section.
13        (b)  Condemnation   proceedings.    If   the    Authority
14    commences  condemnation  proceedings  to acquire land that is
15    intended to be used or acquired for  toll  highway  purposes,
16    the holders of all beneficial interests in the land must make
17    full   disclosure   under   this  Section  unless  the  court
18    determines that the disclosure would cause  irreparable  harm
19    to one or more holders of a beneficial interest.
20        (c)  Beneficial interests.  Each holder of any beneficial
21    interest in the land, including without limitation beneficial
22    interests  in a land trust, must be disclosed, including both
23    individuals and other entities.  If any  beneficial  interest
24    is  held  by an entity, other than an entity whose shares are
25    publicly traded, and not  by  an  individual,  then  all  the
26    holders  of  any  beneficial  interest in that entity must be
27    disclosed.  This  requirement  continues  at  each  level  of
28    holders   of   beneficial   interests  until  all  beneficial
29    interests of all individuals  in  all  entities,  other  than
30    entities   whose   shares  are  publicly  traded,  have  been
31    disclosed.
SB2068 Enrolled             -2-                LRB9215893ACsb
 1        (d)  Written statement.  Disclosure must  be  made  by  a
 2    written    statement    filed    (i)   with   the   Authority
 3    contemporaneously with the  execution  of  the  agreement  or
 4    understanding   or   (ii)  in  the  case  of  a  condemnation
 5    proceeding, with the Authority and the court  within  a  time
 6    period ordered by the court.  Each individual and entity must
 7    be  disclosed by name and address and by a description of the
 8    interest held, including the percentage interest in the  land
 9    held  by  the  individual  or  entity.  The statement must be
10    verified, subject to penalty of perjury,  by  the  individual
11    who  holds  the greatest percentage of beneficial interest in
12    the land.
13        (e)  Recordation.  The Authority must file the  statement
14    of  record with the recorder of each county in which any part
15    of the land is located  within  3  business  days  after  the
16    statement is filed with the Authority.
17        (f)  Agreements  and  understandings void.  Any agreement
18    or understanding in violation of this Act is void.
19        (g)  Penalty.   A  person  who  knowingly  violates  this
20    Section is guilty of a business offense and  shall  be  fined
21    $10,000.
22        (h)  Other   disclosure   requirements.   The  disclosure
23    required under this Act is in addition to, and  not  in  lieu
24    of, any other disclosure required by law.

25        Section  99.  Effective date.  This Act takes effect upon
26    becoming law.

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